Two-Residence Duplex with
For Sale
$506,000
111 Mitchell Rd, Sherman, TX 75090
Separate living spaces support rental use, multigenerational occupancy, or a private suite outside the city limits.
Property Size1,886 SF
Price / SF$268.29
Days on Market10
Property Features for 111 Mitchell Rd
General Information
Standard status
Active
Size
1,886 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$3,304
Listing Agency:
Keller Williams Realty DPR
(972) 732-6000
Listed By:
Deborah Newsome
(972) 732-6000
Source:
Exprealty
Added: Aug 3
Changed: Aug 7
Last Checked: Aug 11 at 11:29AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty DPR
Investment Insights
Based on property information with market context.
This duplex property combines two independent residences on a corner lot outside the city limits. The primary 3-bedroom barndominium measures 1,214 square feet and was completed in 2026 with modern farmhouse finishes. A separate 1-bedroom accessory dwelling unit provides 672 square feet, a full kitchen and bath, dual vanities, a tub, and a covered front porch. Together, the residences offer four bedrooms and multiple occupancy configurations.
The property includes three loafing stalls, a storage shed, and fencing, supporting an outdoor-oriented country setting with horses allowed. It is positioned in the Sherman tech corridor near the new Texas Instruments and GlobalWafers sites, with proximity to expanding retail, Dallas, and industrial employment centers. Sherman ISD amenities noted for the area include a recent high school, three new elementary schools, and a state-of-the-art athletic stadium.
The property includes three loafing stalls, a storage shed, and fencing, supporting an outdoor-oriented country setting with horses allowed. It is positioned in the Sherman tech corridor near the new Texas Instruments and GlobalWafers sites, with proximity to expanding retail, Dallas, and industrial employment centers. Sherman ISD amenities noted for the area include a recent high school, three new elementary schools, and a state-of-the-art athletic stadium.
Key Highlights
- Two independent residences total 1,886 square feet and 4 bedrooms
- Primary 3‑bedroom barndominium measures 1,214 sq ft and was completed in 2026
- Separate 1‑bedroom ADU offers 672 sq ft with full kitchen and bath
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$14,457
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.86%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$289,140
$289.1K
Cap Rate 7%
$206,529
$206.5K
Cap Rate 9%
$160,633
$160.6K
Market Conditions
NOI Build-Up for 1,886 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$23.3K $12.36/SF
− Vacancy
−$2.7K −$1.41/SF
EGI
$20.7K $10.95/SF
− OpEx
−$6.2K −$3.29/SF
NOI
$14.5K $7.67/SF
Area
Grayson County, TX
Vacancy
11.40%
Lease Rate
$12.36 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$289,140
Cap Rate 7%
$206,529
Cap Rate 9%
$160,633
Alternative Uses
Best Use
Multifamily LT 5
$206.5K
$180.7K – $241.0K
NOI $14,457 @ 7.0% cap · market cap 2.86%
Second Best
Apartment 5plus
$183.1K
$160.2K – $213.6K
NOI $12,816 @ 7.0% cap · market cap 2.53%
Theoretical Best
Hotel Hospitality
$967.5K
$846.6K – $1.13M
NOI $67,726 @ 7.0% cap · market cap 13.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 75090, TX
25,002
Population
9,602
Households
2.6
Avg Household Size
35
Median Age
15%
College-Educated
84%
High-School Grad
78.5 sq mi
ZIP Area
318
Density / Sq Mi
$58,586
Median Household Income
$36,230
Median Earnings
$1,111
Median Rent
$163,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Separate living spaces support rental use, multigenerational occupancy, or a private suite outside the city limits.
Where is this duplex located?
The property is located at 111 Mitchell Rd Sherman, TX.
What is the asking price?
The asking price for this property is $506,000.
What are key features of this property?
This property features: Two independent residences total 1,886 square feet and 4 bedrooms; Primary 3‑bedroom barndominium measures 1,214 sq ft and was completed in 2026; Separate 1‑bedroom ADU offers 672 sq ft with full kitchen and bath
